You can use the T89: Alberta stock savings plan tax credit form to claim a tax credit for investments that are eligible for the Alberta stock savings plan (ASSP) and to carry forward any unused credit amount. With the Alberta stock savings plan (ASSP), you (the investor) purchase eligible shares which are given to a dealer to hold for you and designated to an ASSP.
To qualify for the ASSP tax credit, the following conditions must be met:
- Your shares were acquired on or before December 31, 1989, unless they meet prescribed conditions and were acquired to replace withdrawn shares
- Your shares were issued by an eligible corporation and you received a Certificate of Eligibility for them and
- You were a resident of Alberta on December 31
If you weren’t dealing at arm’s length with the corporation at any time during the year before you purchased your shares, those shares aren’t eligible for an ASSP tax credit. Also, a trust or corporation won’t be eligible to claim an ASSP tax credit either.
Where do I claim this?
Follow these steps in H&R Block’s 2017 tax software:
Important: Before you begin, make sure that you told us that you lived in ALBERTA on December 31, 2017.
- Under the PREPARE tab, click the IN THIS SECTION icon.
- Under Investments (shares, securities, property, tax shelters, etc.) you bought or sold in 2017, click the Add This button.
- You’ll find yourself under the PENSION PLANS AND INVESTMENTS icon.
- Under the RESOURCE INCOME AND CREDITS heading, select the checkbox labelled Alberta stock savings plan tax credit (T89).
- When you arrive at the page for the Alberta stock savings plan tax credit, enter your information into the tax software.
